Input Transactions
The
I
and O
tax transaction sheets feed data into the respective Accounts Payable
and Accounts Receivable
sheets.They can be developed from
Insert Sheets
tab.These sheets can be manually populated directly to the sheet, populated via the
Manual Upload
S
sheet, or automatically populated upon data import.Data Flow
The following fields are required:
- Description
- Date
- Tax code
- Rate
- Net Amount
- Tax Amount
If
Partial Exemption
is included in the computation then an additional field called Supply Type
is required.If the tax amount does not equal the rate applied to the net amount, then a validation error will appear reporting a discrepancy. After reviewing the discrepancy, select the check box
Reviewed inconsistency in VAT
.To clear rate errors, add a note to the cell (for example,
Reviewed
) or change the tolerance level on the Tax Rates
( T
) sheet. When Returns are rolled forward the previous data will automatically flow into the Prior Period
section.The data from each transaction sheet flows to the respective
I
or O
summary sheet and to the Return Summary Analysis
sheet.Related Content
-
Accounts Payable - I
Format:
Article,
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